The black oval component is the ignition pick-up coils for a TCI (Transisitor controlled ignition). They were used for 1980 to 83 models in north america.
The TCI is a good system and many riders use it. However, as any electrical components age, problems can occur. The TCI has a black box mounted under the battery. There is no way of knowing how reliable they will be. Use the "Search" box in the upper right corner to find lots of info on TCI.